Approvals secured for RenRe’s Tokio deal
RenaissanceRe Holdings Ltd has announced that it has received all regulatory approvals required in connection with its previously announced acquisition of Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited.
Bermudian-based RenaissanceRe said on October 30, that it had entered into a definitive agreement with Tokio Marine Holdings Inc to acquire Tokio Marine’s reinsurance platform, TMR, which was established in Bermuda in 2000. The cash-and-shares deal is worth $1.5 billion.
In a statement, RenRe said the parties anticipate closing the transaction as soon as possible, subject to the satisfaction of customary closing conditions.